Investor Presentaiton

Leverage Ratio Proven history of deleveraging 3.50x convio 30 3.00x MOVE PEOPLE™ 2.50x 2.00x 1.50x 1.00x 0.50x 0.00x SMART TUITION™ MicroEdge WhippleHill Targeted Max Leverage 3.5x ● Your Cause Reeher academicworks JustGiving™ Optimal Leverage 1.8x ~1.7x Q3'21 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2012 2013 2014 2015 2016 2017 Note: Current covenant for leverage ratio is less than or equal to 4.0x. Calculation of debt over TTM EBITDA is based on credit agreement in place at the end of the respective reporting quarter. blackbaud 2018 2019 2020 2021 32

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